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CUs Raise $160k for CA, NV Hospitals | Page 6 Card Data Security Spotlighted at GRR | Page 8Swipe Fees, Jurisdiction, and Minimum Wage | 7 The Bankers Are at It Again | Page 24

2020 & BEYOND: Will Your Credit Union Survive?

Vol. 40 | No. 4 | June/July 2014Members First

Feature Story on Page 10

READY. SET. CATALYST!

Are you READY for what lies ahead?

Have you SET strategic plans?

CATALYST Corporate is here to help!

Catalyst Corporate knows credit unions and how to help yours succeed.

Catalyst Corporate’s business is researching, developing and improving the services you need to operate efficiently and to deliver member

satisfaction. Let the momentum of nearly 1,300 member credit unions accelerate success for your credit union. Contact Catalyst Corporate at

[email protected] or call 800.442.5763 or visit www.catalystcorp.org

Payment Services • Balance Sheet Management Services • Card ServicesCloud Computing Services • Correspondent Services • Brokerage Services • Liquidity Services

3credit union digest | june/july 2014 | members first

credit union

CUs Raise $160k for CA, NV Hospitals | Page 6 Card Data Security Spotlighted at GRR | Page 8Swipe Fees, Jurisdiction, and Minimum Wage | Page 17 The Bankers Are at It Again | Page 24

2020 & BEYOND:Will Your Credit Union Survive?

Vol. 40 | No. 4 | June/July 2014Members First

Feature Story on Page 10

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June/July 2014 | Vol. 40 | No. 4

What's Inside

credit union

On The Cover:Keeping your eye on the future, though unpredictable, could be more indispensable now than at any other time in your credit union career. We expose six dynamic trends bound to appear on every professional’s radar between now and 2020.

2014 Credit Union SacTown Ten-Mile RunCUs Raise $160k for CA, NV Hospitals

advocacyCard Data Security Spotlighted at GRR

feature story2020 and Beyond: Will Your Credit Union Survive?

shapiro perspectivePutting Our Future in Focus

legalSwipe Fees; Jurisdiction; Minimum Wage

asked & answeredData Breach Notifi cations: What to Include

research & information Treasury Check Procedures for CUs

economic perspectiveExceeding Expectations: A Breakout Year

market performanceIt’s Time to Target …and Dig Deep

credit union solutionsCredit Unions Add Value to Workplace

closing thoughtsThe Bankers Are at It Again

Read CU Digest online by visiting www.ccul.org/publications/cudigest

Credit Union Digest publishes six bi-monthly issues per year.

Themes:

August/September 2014 IssueDEADLINE: June 19, 2014Your CU—Anytime, Anywhere

October/November 2014 IssueDEADLINE: Aug. 14, 2014 The Right Fit

December 2014/January 2015 IssueDEADLINE: Oct. 16, 2014 Land of the Giants

Themes subject to change. For more infor-mation, please contact Credit Union Digest Editor-in-Chief Carol Payne at 800.472.1702, ext. 6040, or at [email protected].

Editiorial Deadline Schedule

Congratulations, and thank you, to the following credit unions that recently became members of the California Credit Union League:

Bourns Employees FCUEd Casanova, [email protected]$36 million in assets2,700 membersRiverside, CA

Hamilton FCUScott Yancy, [email protected]$25 million in assets1,820 membersNovato, CA

Patriots FCUDan Campbell, [email protected]$83 million in assets6,700 membersTustin, CA

Please Welcome Our New Members

READY. SET. CATALYST!

Are you READY for what lies ahead?

Have you SET strategic plans?

CATALYST Corporate is here to help!

Catalyst Corporate knows credit unions and how to help yours succeed.

Catalyst Corporate’s business is researching, developing and improving the services you need to operate efficiently and to deliver member

satisfaction. Let the momentum of nearly 1,300 member credit unions accelerate success for your credit union. Contact Catalyst Corporate at

[email protected] or call 800.442.5763 or visit www.catalystcorp.org

Payment Services • Balance Sheet Management Services • Card ServicesCloud Computing Services • Correspondent Services • Brokerage Services • Liquidity Services

4 credit union digest | june/july 2014 | members first

credit unionEDITOR-IN-CHIEFCarol E. Payne, Vice President, Communications and Marketing | [email protected]

ASSOCIATE EDITORMatt Wrye, Manager of Publications | [email protected]

ASSISTANT EDITORGeorge Sun, External Marketing & Member Communications Manager | [email protected] Tullues, Senior Marketing and Member Communications Writer | [email protected]

EXECUTIVE STAFFDiana R. Dykstra, President and Chief Executive OfficerLucy Ito, Executive Vice President and Chief Operating OfficerBob Arnould, Senior Vice President of Advocacy Cindy Cavanaugh, Senior Vice President and Chief Financial OfficerTony Kitt, Senior Vice President of Strategic Innovation and Planning Larry Palochik, Senior Vice President of Member SolutionsSharon Weber, Executive Assistant

GRAPHIC DESIGNNatalie J. Moreno, Senior Graphic DesignerDanielle Price, Graphic Designer

CONCEPTCarol Payne | Matt Wrye

EDITORIAL CONTRIBUTORSVictoria Allen | Melissa Ameluxen | Greg Badovinac | Donna Dyer | Jeremy Empol | Rita Fillingane | Dwight Johnston | Clarissa Martin | Dianne Molvig | Arnold Ramirez | Tina Ramos-Ingold | An drea Svoboda | Cindy Tullues | Tonja Wheatley | Thomas H. Wolfe

PHOTOGRAPHYNatalie J. Moreno | Carol E. Payne | Cindy Tullues | Matt Wrye

CONTACT INFORMATIONInternet address | www.ccul.orgMailing address | P.O. Box 51476, Ontario, CA 91761-0076Communications Department Fax | 909.390.3014

Credit Union Digest (ISSN#08921075) is published bi-monthly by the California and Nevada Credit Union Leagues, 2855 E. Guasti Road, Ste. 600, Ontario, CA 91761-1250; 1201 K Street, Suite 1050, Sacramento, CA 95814. Annual subscription rate: $48 members, $250 non-members. To subscribe, contact LaDonna Kohler at [email protected]. Periodicals postage paid at Ontario, CA and additional mailing offices.

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POSTMASTERSend address changes to Credit Union Digest, P.O. Box 51476, Ontario, CA 91761-0076. Single issues are available; call 909.212.6044.

The California and Nevada Credit Union Leagues reserve the right to edit letters to the editor and all submissions. The Leagues do not take responsibility for the return of unsolicited materials. For more information, contact Editor-in-Chief Carol Payne at 909.212.6040.

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Winner of the following:• 2012 CUNA/AACUL Pro and Blockbuster Honorable Mention• 2011 and 2012 Communicator Award of Distinction• 2011 CUNA/AACUL Pro and Blockbuster Award

CALIFORNIA LEAGUE BOARD OF DIRECTORS

At-Large Director Teresa Freeborn | 310.607.2177 | [email protected]

At-Large Director Teresa Halleck | 858.597.8690 | [email protected]

At-Large Director Eileen Rivera | 310.491.7500 | [email protected]

At-Large Director Jon Hernandez | 310.371.4242, ext. 217 | [email protected]

At-Large Director Hank Barrett | 209.549.8511, ext. 3000 | [email protected]

At-Large Director Linda Walmsley | 323.845.4475 | [email protected]

Group A Director Chris Coursen | 714.641.5946, ext. 12 | [email protected]

Group B Director Charles Papenfus | 909.822.1810, ext. 215 | [email protected]

Group C Director Rick Hanan | 510.483.1300 | [email protected]

Group D Director Marla Shepard | 858.636.4221 | [email protected]

CALIFORNIA LEAGUE EXECUTIVE COMMITTEE

Chairman Teresa Freeborn | 310.607.2177 | [email protected]

Vice Chairman Jon Hernandez | 310.371.4242, ext. 217 | [email protected]

At-Large Charles Papenfus | 909.822.1810, ext. 215 | [email protected]

CUNA BOARD MEMBERS

Jeff York* | 805.733.7640 | [email protected]

Brett Martinez* | 707.576.5101 | [email protected]

NEVADA LEAGUE BOARD OF DIRECTORS

Chairman Wayne Tew | 702.939.3020 | [email protected]

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Director Barbara Reuter | 775.945.2421, ext. 4013 | [email protected]

Director Dennis Flannigan | 775.789.3108 | [email protected]

* Ex-Officio California League Board Member

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2014 Credit Union SacTown Ten-Mile Run

CUs Raise $160k for CA, NV Hospitals

2014 SacTown Photos and Video

To view the entire gallery, visit www.ccul.org/publications/galleries. Or visit http://vimeo.com/ 92055709 to watch the SacTown/GRR recap video!

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Race Day: ‘For the Kids!’

1: Rep. Ami Bera (center), D-CA, with fi rst-place winners Shadrack Biwott (left) and Kim Conley (right). 2: SacTown Committee members pose with winning runners and representatives from UC Davis Children’s Hospital in front of the California State Capitol building. 3: California State Senator Carol Liu (second from right), D-La Canada Flintridge, and her staff accept the 2014 Legislative Relay trophy.

Travis CU Wins T-Shirt Design Contest

Out of more than 330 votes, the Travis CU team received 202. The team’s shirt featured a bold design incorporating runners, the California State Capitol building, and a Credit Unions for Kids “miracles” message.

Travis CU participants on race day.

$160,000

$487,000

2,000

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Raised by California and Nevada credit unions for local Children’s Miracle Network Hospitals (CMN) leading up to the Credit Union SacTown Ten-Mile Run in Sacramento on April 6.

Runners and volunteers in the SacTown race and three-person relay, which included 500 credit union employees and members.

Credit unions and vendors that joined the California and Nevada Credit Union Leagues and CU Miracle Day Inc., to sponsor the SacTown race.

Credit union staff and members who volunteered on race day.

Raised by the “Family of Races” for CMN hospitals across the country. Besides the SacTown race, these events include the Credit Union Cherry Blossom Ten-Mile Run in Washington, D.C. and the Credit Union Freedom Runs for troops overseas.


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Save the Date The next Credit Union SacTown Ten-Mile Run will be held April 12, 2015! Visit www.SacTown10.org later this year for more details.

4: Representing Children’s Miracle Network Hospitals (CMN), officials from CMN and UC Davis Children’s Hospital accept a check from credit unions in California and Nevada. 5: The SacTown Committee poses for a photo before discussing this year’s race and planning next year’s event. 6: Elite athlete runners with representatives from the SacTown Committee, CMN, UC Davis Children’s Hospital, Sacramento Run-ning Association (SRA), and California and Nevada Credit Union Leagues.

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CU Teams Show Their Spirit

7: Financial Horizons CU 8: Golden 1 CU 9: Greater Nevada CU 10: LBS Financial CU 11: Operating Engineers FCU 12: Patelco CU 13: Redwood CU 14: SAFE CU 15: Valley First CU 16: Xceed Financial FCU 17: San Diego County CU

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Pre-Race Events


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Card Data Security Spotlighted at GRR

advocacyadvocacy

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1: Anthony Huey, President of Reputation Management Associates, delivered a powerful presentation on how to ef-fectively communicate and leave a lasting impression with state legislators. 2: Jan Owen, Commissioner of the Califor-nia Department of Business Oversight (DBO), applauded credit union leaders for meeting with state legislators, and reiterated the DBO’s open-door policy for credit unions needing assistance. 3: Erick Orellana, Deputy Commis-sioner of Credit Unions for the DBO, gave an overview of the department and the fi nancial health of state-licensed credit unions. 4: Bob Arnould, SVP of Advocacy for the California and Nevada Credit Union Leagues, updated at-tendees on important issues in Sacramento, including card data security legislation.

“Our capacity of communicating our message to legislators has never been better, but it needs to continue to grow. Engaging with lawmakers is the way to accomplish this.”

—John Cassidy, CEO of Sierra Central CU

PAC Supports State Senator on Second Day of GRRThis year’s California Credit Union League PAC (Political Action

Committee) fundraiser raised $8,300 to support State Senator Anthony Cannella, R-Ceres, who was elected to offi ce in 2010. In his address, Cannella touched on the political environment in Sacramento, as well as the state’s widespread drought.

L-R: Teresa Freeborn, CEO of Xceed Financial FCU and Chairman of the California Credit Union League; Diana Dykstra, President and CEO of the California and Nevada Credit Union Leagues; California State Sen. Anthony Cannella, R-Ceres; Hank Barrett, CEO of Valley First CU; and Jeff York, CEO of Coast Hills FCU

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SB 1351

AB 1710

Credit union leaders who attended the 2014 California Government Relations Rally (GRR) to strengthen relationships with state legislators and make an impact for their members and communities.

The California Assembly bill addressing notification, standards, reimbursement, and other provisions regarding protection of personal privacy.

The California Senate bill on the 2015 Europay-Mastercard-Visa (EMV) chip deadline for card issuers and retailers.

Day 1: Impactful Issues


advocacy

Want to See More?To view the entire gallery, visit www.ccul.org/publications/galleries. Or visit http://vimeo.com/92055709 to watch the GRR/SacTown recap video!

“It’s important for the credit union industry to come together and be a stronger voice for consumers. Today's issue regarding card security is not a political issue—it’s about consumer protection.”

—Donna Bland, CEO of Golden 1 CU.

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Day 2: Face-to-Face with Legislators

5: Assemblyman Katcho Achadjian, R-San Luis Obispo (center) 6: Assemblyman Chris Holden, D-Pasadena (center) 7: Steve Davey (second from left), Chief of Staff for Senator Ted Gaines, R-Roseville 8: Senator Jim Nielsen, R-Gerber (center) 9: Assemblywoman Kristin Olsen, R-Modesto (center) 10: Assemblyman Raul Bocanegra, D-Pacoima (second from right) 11: Assemblywoman Melissa Melendez, R-Lake Elsinore (second from right) 12: Senator Norma Torres, D-Pomona (second from left) 13: Senator Mimi Walters, R-Irvine (center) 14: Assemblyman Travis Allen, R-Huntington Beach (second from right) 15: Assemblyman Mike Gatto, D-Los Angeles (center) 16: Assem-blyman Bob Wieckowski, D-Fremont (fourth from right)

feature

Five-star U.S. Army General and 34th Presi-

dent Dwight Eisenhower once said, “Neither

a wise man nor a brave man lies down on the

tracks of history to wait for the train of the future

to run over him.”

Credit union leaders don’t have to acquiesce either. A review

of history’s twists and turns exposes the imperfect circumstances

our movement ran up against and the maneuvers we made to

adapt and overcome.

What about the next 5, 10, or 15 years? Through off-the-record

interviews, we asked more than a dozen credit union experts, CEOs,

and system leaders what they feel is in store. A delicate topic called

for non-disclosure of names, something Credit Union Digest doesn’t

normally practice.

A consensus on decisive matters was reached, but not everyone

agrees on everything. The buzz concerns ongoing innovation, new

risks, an evolving regulatory sphere, deviation from the status quo,

technology at its height, and growth’s impact.

What we compiled, we present in this edition’s feature story.

Like you, we aspire to jump on the “train of the future,” and hope

the intuition and instincts of fellow colleagues can lead us into a

rewarding experience.

2020 & BEYOND:Will Your Credit Union Survive?

By Matt Wrye, Associate Editor


feature

“The distinction between the past, present, and future is only a stubbornly persistent illusion.”

—Albert Einstein

Disruptive TransformationWhat drives a consumer to join your credit union today?

To some degree, this will change. Credit unions won’t count on member loyalty. They’ll lean on necessity.

For decades, individuals became members for many of the same reasons—low rates on loans, high deposit rates, a free checking account, or a cozy experience that nurtured their sense of fi nancial well-being.

Those staples won’t necessarily be attention grabbers in the future. Many consumers, especially the “Gen Y” crowd, will be attracted to the allure of products and services consid-ered secondary in today’s world.

A convenient and fast way to move money via technology—within hours or minutes, not days—could be the catalyst for signing up new credit union members, not a credit card or car loan. A credit union that builds a major digital presence—or is solely based online—and offers a perfectly tailored product with only a few mobile-device steps will spark instant gratifi cation.

With countless online opportunities for members and con-sumers to cherry-pick their fi nancial services from across the nation, credit unions will need to make a solid value propo-sition. Comparison pricing will force many to clearly defi ne and provide only what their members need through the digital channel, with a measure of customized care, attention, and hand-holding along the way.

Most members in their 20s are “spenders,” so demand for depositors will increase. Tapping baby-boomers (who are now in their 60s and 70s) for their savings might be the remedy. They’re the ones holding the vast amount of middle-class wealth.

But proving to seniors how a low-cost loan could be ben-efi cial is challenging, especially with their tendency to stock-pile cash.


feature

Dicey Driver’s SeatIf you’re a CEO, your job will get riskier depending on your

credit union—and the salary and perks won’t necessarily be com-mensurate by today’s standards.

However, your executive team will likely shoulder even more responsibility as they help you oversee goals and objectives.

Progressive technology, marketplace rivalry, and regulatory compliance will force some CEOs to venture out on a long limb when making business decisions. The need for ongoing reputation management at credit unions—currently an indispensable tool for some—will only grow as outside pressures bear down on the indus-try’s appeal to consumers. After all, credit unions will be competing directly with large retailers.

Credit unions will also go toe to toe more often with big banks as the average credit union expands, and as larger banks devour community banks. Some credit unions will undertake products, services, and initiatives they’ve never touched before.

The movement will retain its strength in legislative advocacy through defense, not offense. Credit unions will manage to keep their federal tax-exempt status, but industry leaders will maintain a heightened sense of alert.

One Regulator for AllFederally chartered credit unions and banks will answer to one

national regulator with two focal areas: a credit union division and bank division.

Why? An appetite for streamlining government agencies could fuel the impulse as some in Congress look for ways to shrink the nation’s budget defi cit. Additionally, some lawmakers will view separate agencies (the National Credit Union Administration, Offi ce of the Comptroller of the Currency, and Federal Deposit Insurance Corp.) as overlapping supervisors, creating unneeded bureaucracy.

Some credit union and bank compliance rules would be inte-grated. Others wouldn’t. Regulatory advocacy would be aligned with the banking industry on certain issues. And the nature of examinations could morph as well.

Credit unions will adapt and adjust accordingly, although doing so may give cause to out-of-the-box strategies and decisions.


“The future belongs to those who believe in the beauty of their dreams.”

—Eleanor Roosevelt

feature

Unconventional ChoicesExacerbated by individual circumstances or challenges, some credit

unions will choose an unorthodox means of survival.Converting to a mutual savings bank will gain more attention and trac-

tion as some CEOs and boards of directors pursue relief from intensifying competition, regulations, and other hot-button issues. Enough conversions will materialize to make a splash on any credit union’s radar, and their mere presence could set the stage for greater acceptance.

A majority consensus within the movement won’t be reached on whether state-chartered credit unions should be expressly permitted to compensate board members, but more states will allow such action, as will more credit unions. Those who approve will espouse the diffi culty in attracting new board members due to fi nancial education requirements by regulators.

Some credit unions will break through their cautionary stance on uti-lizing “big data” processes and begin analyzing transactional decisions to extract trends and predict member behavior. Once considered too risky and overly intrusive, data-driven initiatives will play an important role in the direction of many credit unions’ decisions.

Tech Collaboration: Full ThrottleBrace yourself for an era of partnerships on steroids, and a keen aware-

ness on the next steps taken by technology frontrunners.Whether through one-on-one affi liations or credit union service orga-

nizations (CUSOs), small and medium credit unions will band together in greater numbers to test and develop centralized technology platforms and topple expenses. The end product will be a premium, comprehensive mobile banking experience for members that competes head-on with large banks.

Once deemed too costly, these high-tech options will unfold as some credit unions fuse back-end operations. It won’t be a “new age” in collabo-ration, just a realization that deeper alliances will need to form for many credit unions to survive and fl ourish.

Those choosing this path will need to stay ahead of the curve on secu-rity, as the masterminds behind data breaches and fraud will evolve in lock-step with the systems built to repel them. Keeping a razor-sharp focus on how the Consumer Financial Protection Bureau reacts in this domain will be key to preparing for new regulations, rules, “compliance creep,” and protecting members.

“Conditions change so rapidly that we must keep our aim constantly focused on the future.”

—Walt Disney


feature

A Shrinking, Expansive Footprint

Imagine one credit union merg-ing every day, Monday through Friday, for the foreseeable future. The industry will encounter a phenomenon like this if marketplace dynamics behind consolida-tions remain status quo.

Approximately 6,700 U.S. credit unions open their doors to serve mem-bers today, according to data from the Credit Union National Association (CUNA). That number could be 4,000 or less in 10 years.

The possibility of more mergers doesn’t surprise credit union execu-tives. It’s the speed of acquisitions that is less certain, yet predicted by some to increase.

The driving force behind mergers has followed a natural course throughout the past several decades: conservatorships, retiring CEOs, a lack of economic scale, and in some cases collaboration. Regula-tory burdens aren’t excluded from this pic-ture either.

What the movement loses in cred-it unions on the map, it could gain in membership. CUNA says more than 97 million Americans are credit union mem-bers today. If total membership grows 1.5 percent annually for the next 10 years—which was the average growth rate over the past fi ve years—credit unions will swell to more than 112 million members.

Combined with speedier mergers, the average membership of credit unions would more than double, and asset siz-es would rise substantially. Many credit unions won’t be seen as “the little guy” anymore.

feature


“Time and the world do not stand still. Change is the law of life. And those who look only to the past or the present are certain to miss the future.”

—John F. Kennedy


Putting Our Future in FocusBy Deanne Figueras, Manager of Meetings, Conventions, and Small Credit Union Support

shapiro perspective

Last year the Shapiro Advisory Committee brainstormed fi ve key issues that would have a

signifi cant positive or negative effect on Shapiro Group credit unions during the next one to three years: Generation of income from fee and other sources, technology, organic growth in mem-bership, lower operating expenses, and how to increase loans.

Focusing on these issues, the com-mittee continued to address a larger question: How do we decide who we serve now and in the future?

From 1992 to 2014, the median asset size of California and Nevada credit unions grew by more than $50 million, from $12 million to more than $62 million. The spike in size isn’t due to the fact that smaller credit unions are growing by high percentages, but rather a combination of small credit union mergers and larger credit union growth.

This broad range of asset sizes pres-ents potential challenges in adequately addressing the top fi ve issues and ensur-ing the needs of all Shapiro-size credit unions are met. It’s why the 2013 Shap-iro Advisory Committee created a list of questions that began the groundwork on how to service the broad range of needs for all Shapiro credit unions.

The committee’s questions includ-ed: Who do we serve now and in the future? And how does this asset growth affect grants, fees, committee focus, educational needs, and networking?

Service: Now and the Future In 2014, the committee is focused

on being an advocate for all Shapiro-size credit unions, helping all credit unions thrive, actively sharing ideas and resources, and developing solutions.

We will also explore the use of technology and its effect on how Shapiro credit unions operate and deliver service—as well as a variety of services—to credit union members.

Additionally, the committee will con-

tinue offering fi nancial assistance through the Shapiro grant program to qualifying credit unions with the greatest need.

Growth’s Effect on CUsFocusing on the needs of all

Shapiro-size credit unions, we will continue to develop strategies on how credit unions can grow non-interest income, regardless of size, by collabo-rating with experts to roll out a new tool. It's designed to help member credit unions in their strategic planning, or management-board and regulatory reporting process.

Along with additional tactics for achieving organic growth, this new tool will be the focus of upcoming webinars beginning July 29, the Shapiro Summit, and educational sessions at the Califor-nia and Nevada Credit Union Leagues’ 2014 Annual Meeting and Convention in October.

Over the next two years, the Shapiro Group will continue to research and strategize how Shapiro credit unions can leverage operations and collaborate with other credit unions to lower operating expenses, develop shared resources, and stay in compliance with regulations.

The Rest of 2014In 2014, you can look forward to

additional peer-reviewed white papers, the small credit union staff salary survey, and discussions with representatives from the California Department of Business Oversight (DBO) and National Credit Union Administration (NCUA).

To join the conversation, visit www.ccul.org/shapiro!

August 8–9, 2014Four Points Sheraton, Sacramento International Airport—Sacramento, CA

Topics include:• Future technology and "the cloud"• Changing regulatory environment• Collaborative product and idea

exchange• Case study on social media and

member relationships

Registration: https://secure.ccul.org/regs/shapiro_summit.cfm

Sponsored by Catalyst Corporate FCU

2014 Shapiro Summit & CEO Roundtable


Swipe Fees; Jurisdiction; Minimum WageBy Thomas H. Wolfe, Managing Partner of Moore Brewer Wolfe Jones Tyler & North

legal

In NACS v. Federal Reserve System, Case No. 13-5270 (D.C. Circuit; March 21, 2014), the Court of

Appeals for the D.C. Circuit upheld the Federal Reserve’s rules imposing a 21-cent-per-transaction cap (plus an adjustment of 5 basis points of transac-tion value) on debit-card swipe fees.

It also upheld the Fed’s require-ment that at least two networks owned and operated by different companies be able to process transactions on each debit card (12 C.F.R. Part 235). Mer-chant trade associations challenged the rules, arguing the Fed did not correctly interpret the statute, and the rules did not go far enough.

In reversing the district court’s grant of summary judgment in favor of the merchant groups, the court of appeals determined the Fed’s rules were based upon reasonable construc-tions of the statute.

The rules arose from the so-called Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Pro-tection Act of 2010 (15 U.S.C. §1693o-2). It amends the Electronic Funds Transfer Act to require that interchange fees are “reasonable and proportional” to issuer costs in connection with the transaction.

It requires the Fed’s board to consider incremental costs incurred by the issuer for its role in the autho-rization, clearance, or settlement of a debit transaction (“ACS costs”), but not other costs incurred not specific to a particular transaction. It also permits the board to allow for certain fraud-prevention costs.

Additionally, the Durbin Amend-ment requires the Fed to establish standards for determining whether these requirements are met.

The merchant groups argued the Fed was permitted to consider only incremental ACS costs in setting the interchange fee, and the district court agreed. However, the court of appeals

concluded the statute provided the Fed with greater discretion. Notwith-standing, it remanded the treatment of transaction monitoring costs back to the Fed to provide further explanation.

Questions of Federal Jurisdiction

Another recent case will make it easier for national banks to have litigation filed in state court removed to the federal courts based on diversity jurisdiction.

In Rouse v. Wachovia Mortgage, FSB, 2014 U.S. App. LEXIS 5704 (9th Cir.; March 27, 2014), the Ninth Cir-cuit Court of Appeals held that—for purposes of diversity jurisdiction—a national bank is a citizen only in the state where its main office is located as designated in its articles of association.

According to 28 U.S.C. §1332(a)1, federal district courts have original jurisdiction over all civil actions where the matter in controversy exceeds $75,000 and is between citizens of dif-ferent states. Under 28 U.S.C. §1348, national banks are “citizens of the States in which they are respectively located.”

The word “located” is undefined. Plaintiffs argued this provision should be interpreted to mean that a national bank is a citizen both of the state where its main office is located and also the state where its principal place of business is located.

While noting the statute is ambig-uous, courts are split, and the U.S. Supreme Court has not decided the issue. The ninth circuit concluded that legislative history evidences an intent to limit contacts in favor of federal jurisdiction.

It is unclear how the Rouse decision might impact federal credit unions, where a statute does not spe-cifically address citizenship and courts are split. Like national banks, federal credit unions are corporations char-

tered under federal law, and Congress has expressly stated that this fact alone is insufficient to establish federal juris-diction (28 U.S.C. §1349).

However, it does support the posi-tion that the act of doing business in a state is not a decisive factor.

California Minimum WageEffective July 1, 2014, California’s

minimum wage increases to $9 per hour.

In addition to ensuring the hourly wages of non-exempt employees are compliant, employers need to recalcu-late the salaries of exempt employees to ensure they continue to meet the minimum salary threshold.

To qualify for one of the white-collar exemptions (executive, admin-istrative, or professional), employees must be paid a minimum salary of no less than two times the state minimum wage for full-time employment. Effec-tive July 1, 2014, the minimum salary threshold increases to $3,120.00 per month(1).

Employers will need to review these issues again when the minimum wage increases to $10.00 on January 1, 2016.

1 [2($9 x 40 hours x 52 weeks)]/12

strategic focus


By Clarissa Martin, Research and Information Consultant

asked & answered

Data Breach Notifications: What to Include

Asked: What information does a credit union need

to include in a data breach notification?

Answered: California Civil Code Sections 1798.80-.84 state that the security breach notification

must be written in plain language and include the following:

• Thenameandcontactinforma-tion of the reporting person or business subject to the notice requirement (the credit union).

• Typesofpersonalinformationthat were, or are reasonably believed to have been, the sub-ject of a breach.

• Iftheinformationispossibletodetermine at the time the notice is provided, then any one of the fol-lowing: (a) date of the breach, (b) estimated date of the breach, or (c) date range the breach occurred.

• Whethernotificationwasdelayed due to a law enforce-ment investigation (if possible to determine at the time the notice is provided).

• Generaldescriptionofthebreachincident (if possible to determine at the time the notice is provided).

• Toll-freenumbersandaddressesof the major credit reporting

agencies if breach exposed a social security number, driver’s licenses, or a California identifi-cation card number.

At the discretion of the credit union providing notice, it may also include:

• Howyourcreditunionisprotect-ing individuals whose informa-tion has been breached.

• Stepsthatindividualswhowereaffected can take to protect themselves.

The law requires any business that is required to notify more than 500 California residents due to a single breach to electronically submit a single sample copy of the notification (exclud-ing personally identifiable information) to California’s Attorney General office.

Data Breach Letter Do’s and Don’ts

• Includeadescriptionofthebreach incident with enough general information to address reasonably anticipated questions.

• Don’tuselegaltermsthatyourmembers might not understand. Use plain language.

• Addresstherisksofidentitytheftand how your members can protect themselves.

• Considerofferingsomeformofassistance to affected members,

California Uniform Commercial Code—www.leginfo.ca.gov/cgi-bin/calawquery?codesection=com

Sample Data Breach Letter—http://ca.leagueinfosight.com/files/infosight/1/file/Identity%20Theft/SampleLetter-Breach.pdf#search=”data breach”

California Civil Code Sections 1798.80-84—www.leginfo.ca.gov/cgi-bin/displaycode?section=civ&group=01001-02000&file=1798.80-1798.84

National Credit Union Administration (NCUA) Code, Part 748 Appendix B—www.ecfr.gov/cgi-bin/retrieveECFR?gp=&SID=a2a74a3b494524a54d1eeff50aad4b19&n=12y7.0.2.3.29&r=PART&ty=HTML#12:7.0.2.3.29.0.1.4.26

CUNA Compliance Blog—www.cuna.org/Compliance/Comp-Blog/Blogs/2013/Responding-to-the-Target-Breach-(Revised-on-1/6/14)

Data Breach Toolkit

such as automatic card replace-ment or identity theft protection services.

• Don’tmisstheopportunitytorebuild trust. Use the post-data breach period to explain how your credit union is protecting them from future harm.

SCHEDULE YOUR AUDIT TODAY ANDGET ON THE ROAD TO COMPLIANCE

Regulatory and Industry Required Audits and Assessments• BSA/OFAC Annual Audit• ACH Annual Audit• CO-OP PIN Security Audit (required in 2014) • SAFE Act Annual Audit

www.ccul.org/research/curoots/

• BSA/OFAC Risk Assessment• ACH Risk Assessment• Covered Accounts Risk Assessment (FACT Act Red Flag/Identity Theft)

For more information, contact Rita Fillingane at 909.212.6055 or [email protected].


By Arnold Ramirez, Research and Information Consultant

research & information

Treasury Check Procedures for CUs

A Treasury check, more than any other type of check, calls for special attention regarding

proper endorsement of this monetary instrument. They are subject to the next-day availability rule under 12 C.F.R. Part 229 (Regulation CC), and are a favorite target of thieves and fraudsters.

Although the California Uniform Commercial Code generally covers check endorsements, Treasury checks are governed by 31 C.F.R. §240.4, which addresses endorsement and presentment guarantees.

Endorsement and Presentment Guarantees

A credit union presenting a check to the Treasury Department guarantees to the Treasury all of the following:

• Thatallpriorendorsementsare genuine, whether or not an express guarantee is placed on the check.

• Whenthefirstendorsementhas been made by a third party, the presenting credit union and the endorsers are deemed to guarantee to the Treasury that the person who endorsed it had unqualifi ed capacity and author-ity to endorse the check on behalf of the payee.

• Thatthecheckhasnotbeenmaterially altered.

• Thattheguarantorshavenoknowledge that the signature of the drawer was forged or unau-thorized.

• Thattheguarantorshavemadeall reasonable efforts to ensure that a check is not a counterfeit.

Credit unions should take care to ensure their staff is appropriately trained to secure proper endorsement of Treasury checks, and to identify abnor-malities in these negotiable instruments that may indicate an alteration to, or counterfeiting, of the check.

Careful assessment of the credit union’s risk involved with negotiat-ing Treasury checks through remote deposit capture should be conducted prior to the implementation of any such program.

Electronic or Substitute ChecksWhen a credit union converts a

Treasury check to electronic or sub-stitute form—as permitted under the Check 21 rules or for remote deposit capture—the credit union makes additional guarantees pertaining to the accuracy of the electronic or substitute check.

If the check is an electronic check, a credit union also guarantees that:

• Thecheckaccuratelyrepresentsall information on the front and back of the original or substitute check that was truncated, and meets the technical requirements for sending electronic items to a Federal Reserve Bank.

• Nosubsequentpresentmentof the electronic check will be made to the Treasury, nor will

it be charged for the electronic check, the original check, or a substitute check it already has paid.

• Receiptoftheelectroniccheckinstead of the original or substi-tute check will not impair the Treasury’s ability to determine whether the check contains a material defect or alteration.

If the check is a substitute check, a credit union guarantees that:

• Theguarantorsshallindemnifythe Treasury for any loss incurred if that loss occurred due to the receipt of a substitute check instead of the original check.

For the most part, meeting the requirements under the provisions for electronic or substitute checks is under the control of the credit union.

However, credit unions should have procedures in place to securely retain the original Treasury check for a reasonable period of time, and to mitigate the risk of duplicate present-ment.


guarantee to the Treasury that the person who endorsed it had unqualifi ed capacity and author-ity to endorse the check on

• Thatthecheckhasnotbeen

• Thattheguarantorshavenoknowledge that the signature of the drawer was forged or unau-

• Thattheguarantorshavemadeall reasonable efforts to ensure that a check is not a counterfeit.

Credit unions should take care to ensure their staff is appropriately trained to secure proper endorsement of Treasury checks, and to identify abnor-malities in these negotiable instruments that may indicate an alteration to, or



economic perspective

Exceeding Expectations: A Breakout YearBy Dwight Johnston, Vice President and Chief Economist

The U.S. jobs market got off to a positive but slow start the first three months of the year as a

brutal winter took its toll on employ-ment and consumer sales.

California and Nevada didn’t expe-rience poor weather conditions, but the jobs market started slowly here as well. Some employers were worried that soft national numbers were not all weather-related and could spread to other states.

By early May, those fears appeared to have been misplaced. National pay-roll growth jumped in April, and the prior two months were revised higher.

The rebound from weather-related weakness looks likely to exceed expectations, and the prospects for economic acceleration throughout the year look very good. Here are some recent anecdotes.

Positive DataThe Federal Reserve Bank of New

York recently released a survey of businesses, which registered a sharp increase in those experiencing difficul-ty in finding workers with basic skills.

That sounds like bad news, but the good news wrapped inside is that businesses are increasing hiring plans. In many cases, this means higher wages for all.

The second anecdote comes from the latest survey of CEOs at the Busi-ness Roundtable, an association of executives from leading U.S. compa-nies. The survey covers several topics and areas impacting large businesses.

The key finding comes from its concluding index, which measures the six-month outlook on sales, hiring, and capital spending. That index moved to 92.7, the highest level since immediately before the recession, and above the aver-age of 79.7 for the past four decades.

Well Positioned and ReadyWhy does this matter to California

and Nevada? The accompanying tables

display the overall jobs picture in both states. Focus particularly on the largest sectors and growth in these areas.

California is especially well-posi-tioned to see continued growth in pro-fessional and business services (a lot of capital spending is on technology), and trade and transportation (busi-ness through the Port of Los Angeles is already higher this year by roughly 20 percent).

Education and health care is a sec-tor that never experienced a recession, and California can look for strong job growth this year as people embrace the new federal health care program like no other state. California added 1.4 million insured people.

Stronger job growth generally will

Source: U.S. Bureau of Labor Statistics

*As of March 2014

Nevada Employment(Largest Sectors)

Pre-Recession High (2006-07)

Post-Recession Low (2009-11)

*Current

Nonfarm Payrolls 1,300,000 1,110,000 1,210,000

Construction 146,000 47,000 62,000

Travel/Leisure 340,000 302,000 333,000

Trade/Transportation 233,000 204,000 230,000

Business/Professional 162,000 133,000 160,000

Government 162,000 146,000 152,000

Source: U.S. Bureau of Labor Statistics

*As of March 2014 **No recession low ***New High

California Employment(Largest Sectors)

Pre-Recession High (2006-07)

Post-Recession Low (2009-11)

*Current

Nonfarm Payrolls 15,440,000 13,845,000 15,365,000

Construction 945,000 545,000 669,000

Manufacturing 1,495,000 1,230,000 1,249,000

Trade/Transportation 2,920,000 2,600,000 2,835,000

Business/Professional 2,270,000 2,030,000 ***2,395,000

Government 2,525,000 2,360,000 2,377,000

Travel/Leisure 1,580,000 1,484,000 ***1,697,000

Education/Health Care 1,992,000 **2,050,000 ***2,357,000

also boost the totals in the recovering construction sector.

Nevada hasn’t experienced quite the recovery in jobs that Califor-nia has. But excluding the hole left by a drop in construction jobs, the three largest employment sectors are approaching pre-recession lev-els. Nevada will benefit as the U.S. economy exceeds expectations.

There will, of course, be fits and starts along the way, and there could be some outside, unexpected force that throws everything off stride.

But barring any great surprise, I believe the job market in California in particular will outpace assumptions. This looks like a breakout year.


It’s Time to Target …and Dig DeepBy Dwight Johnston, Vice President and Chief Economist

market performance

The good news is, California and Nevada credit union loan growth perked up in

the last two quarters of 2013.The bad news: Our two states

aren’t gaining ground on the rest of the nation in the loan-to-share measure. As of early May (when this was written), we didn’t have first-quarter numbers, but we were hear-ing from most credit unions the first quarter was a bit on the slow side.

The second good news-bad news story is that California credit unions grew membership by 1.3 per-cent in 2013, capturing 25 percent of California’s population. Nevada’s membership change, on the other hand, was down very slightly.

The bad news is, despite the membership gain in California, the state’s growth rate still lags behind the national rate of 3.4 percent.

Playing Catch-UpWhat should credit unions be

doing differently to catch up—and per-haps exceed the national numbers—for membership, and more importantly, for loans?

The answer will be different for everyone. All I can offer is a starting point for credit unions that aren’t single-sponsored. Go where the growth is.

Take note of the job sector tables in my companion column (Exceed-ing Expectations: A Breakout Year). First, hopefully you’ll already know in which sectors most of your members are working.

Pay particular attention to the gains since the recession lows. Some of the sectors are growing strongly, and the outlook for future gains in business/professional and health care are especially bright.

Californians embraced the new federal health care program like no

other state. While health care has grown steadily even during the reces-sion, growth in this area could be ready to kick into second gear.

Second, how many of these job sectors are in your geographical reach? That might take some digging, but there are data sources on the U.S. Bureau of Labor Statistics’ website, as well as the California Employment Development Department’s (EDD) website (www.labormarketinfo.edd.ca.gov). You’ll find numbers for your metropolitan area, and more detailed breakdowns of the types of jobs within the major sectors.

Target, Target, TargetOnce you have the data, what do

you do with it? The first place to start is with existing members.

Which members are more likely to feel both secure in their jobs and optimistic about wage gains? Have you made any efforts to reach out to

this segment? If you are looking to add members, use the same data.

The next step is target marketing. Some credit unions have staff that can develop strategies, but many do not.

For those who don’t have the resources, there are organizations that can work with you to develop strate-gies and materials to accomplish this. (Shameless plug alert: The California and Nevada Credit Union Leagues’ marketing business unit, Image Arc Marketing Solutions, is an excellent source.)

The purpose of this column is to analyze and measure market share. We could drill down further into the statistics, but the message is clear. California and Nevada credit unions are lagging.

Given the bright prospects ahead, there is no reason this should become a permanent condition. It’s time to dig deep.

*Source: Callahan and Associates.

55%

60%

65%

70%

75%

80%

85%

90%

Dec-2003 Dec-2005 Dec-2007 Dec-2009 Dec-2011 Dec-2013

U.S. Credit Unions California/Nevada Credit Unions

Loan-to-Share Ratio at Credit Unions


credit union solutions

Credit Unions Add Value to Workplace

Does your credit union need a makeover? Are you looking for ways to improve employee

productivity? What about cutting expenses?

Credit unions are trying to boost their business by saving valuable dol-lars that can be reinvested back into their membership, products and ser-vices, operations, and staffing needs. And many credit unions are achieving this with OfficeMax Workplace.

OfficeMax Workplace is a strategic business partner offering a one-stop solution for office supplies, facility resources, printing, technology, and top name-brand furniture. It analyzes and simplifies processes by consoli-dating vendors so credit unions can save time, increase productivity, and streamline their workplaces to posi-tively impact bottom lines.

Some credit unions have also leveraged the opportunity to provide OfficeMax discounts directly to their members. Credit unions will receive:

• Reducedpricingon25,000prod-ucts and 4,000 environmentally preferable products and services.

• Exclusivepricingoncopies,posters, presentations, and more at OfficeMax digital print and document services.

• Free,next-daydeliveryonmostorders of $50 or more.*

• Flexibleorderingoptions.

Contact League Manager of Credit Union Solutions and Membership Joyce King at 909.212.6017 or [email protected].

“When we are able to reduce our cost of doing business, we are able to provide more benefits to both our employees and members. OfficeMax was able to come alongside me and provide competitive pricing and service that hasn’t been matched.”

—Jason Jasper, Facilities Coordinator for CU of Southern California

“As a small credit union, getting the best pricing on quality products and services is mandatory in everything that we do. OfficeMax has everything we need to cost-effectively run our business: excellent pricing, huge inventory, and prompt delivery. We have always had a great experience when ordering from OfficeMax.”

—Don Gensler, CEO of CAL Center CU * Restrictions may apply

The OfficeMax Experience

If disaster struck today,could you open for business tomorrow?

Use our Coverage Calculator at

www.cunamutual.com/disasterprep to

identify potential coverage gaps.

1 in 4 businesses never reopen after an event such as a tornado, wildfire, or hurricane.**ScienceNow, WOAA’s National Weather Service Institute for Business Home Safety, 2012.

NCUA and state regulators require you to be back in operation as soon as possible after a loss, no matter what the cause.

Are you prepared for the worst case scenario? You need adequate coverage—without gaps—for buildings, contents, data processing operations, extra expenses and more.

What if you had a resource available 24/7/365? Our Disaster Recovery team is ready when you need them and are often the first on site after a disaster. We work closely with the right agencies and organizations to help get you up and running ASAP.

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Insurance products offered to financial institutions and their affiliates are underwritten by CUMIS Insurance Society, Inc. or CUMIS Specialty Insurance Company, members of the CUNA Mutual Group. Some coverages may not be available in all states. If a coverage is not available from one of our member companies, CUNA Mutual Insurance Agency, Inc., our insurance producer affiliate, may assist us in placing coverage with other insurance carriers in order to serve our customers’ needs. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Please read the actual policy for specific coverage, terms, conditions, and exclusions.

10003253-0813 © CUNA Mutual Group, 2013 All Rights Reserved.

The Bankers Are at It Again

“Maybe bankers would be better off reviewing

why credit unions are successful: Placing

consumers first. Yes, shareholders need to be rewarded for their

investment. But doing the best job, offering the best

products, and providing the best services will

separate the best from second-rate.”

By Greg Badovinac Compliance Officer, Western FCU

Closing Thoughts


If the adage is correct, “If at first you don’t succeed—try, try again,” then bankers deserve kudos.Bankers and their trade associa-

tions trying to argue the credit union tax exemption is a relic of a bygone era and should be eliminated. It did not work during the H.R. 1151 days in the 1990s. It did not work in the 2000s.

New Hampshire Bankers are trot-ting out old arguments to elected lead-ers and the public that credit unions have abandoned their original purposes and should be treated just like banks.

It’s the same old and tired argu-ment that credit unions were founded to provide financial services to “lower income areas and individuals.” They seem to forget that when credit unions were established in the early 20th Century, bankers did not want to serve the common man and woman. Bank-ers wanted to serve the well-to-do of the community. Today, we would call them the “one percenters.”

The bankers complain that credit unions are now the largest financial institutions within certain communi-ties and the entire state. Did credit unions cause the owners of banks to sell or merge their institutions to a larger bank? Did credit unions have any part of First Interstate Bank selling to Wells Fargo? Or Bank of America selling to Nations Bank and assuming the “BofA” name?

Yes, credit unions are the largest locally controlled institutions in Sacra-mento and San Diego. That is due in part to providing affordable financial services to consumers.

But it is also true the largest banks and savings-and-loans (remember them?) in those communities cashed out their owners in mergers with larger banks.

When was the last time a credit union leader complained about the size and market control exercised by the trillion-dollar banks? Does today’s Bank of America look anything like its heritage, the Bank of Italy, founded in

1904 by A.P. Giannini? Does it resem-ble Giannini’s bank helping rebuild San Francisco after the 1906 earth-quake, all based on handshakes?

Bankers note how credit unions are increasing fee income for profit-ability. In this competitive, Internet-based financial services economy, no bank is relying on the interest margin between loans and deposits to gener-ate its majority of revenue either.

A nationally known credit union critic employed by the largest bank-ing trade association continues to complain how credit unions are halted from becoming banks. This economist conveniently ignores the fact that non-profit, mutually owned community banks are not eligible for insurance by the Federal Deposit Insurance Corp. The only option for conversion is to a mutual savings bank, with its limited banking powers yet full taxation.

Another complaint is that credit unions have the same products and services. For many consumers, this is true. Savings accounts, checking accounts, debit cards, credit cards, mortgages, and ATMs are similar between banks and credit unions.

But try getting a 20-year second mortgage loan from a federal credit union to finance a new business or college expenses. Sorry, prohibited by law. Try getting a credit union to hold money for a minor until that person reaches the age of majority. Oops, credit unions do not have trust powers.

Maybe bankers would be better off reviewing why credit unions are suc-cessful: Placing consumers first. Yes, shareholders need to be rewarded for their investment. But doing the best job, offering the best products, and providing the best services will sepa-rate the best from second-rate.

I guess bankers believe the only possible outcome is, “Bankers win, credit unions lose,” when both sides can be successful. If that's the case, then consumers lose.

+ Curriculum covers Strategic Planning, Operations, Finance, Marketing, Lending, Human Resources, Technology, Business Development, Economics, Business Law, Communications, Leadership, and much more

+ Highly concentrated academic training over three yearly two-week terms

+ The American Council on Education’s College Recommendation Service (ACE Credit) has evaluated and recommended college credit for Western CUNA Management School courses

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July 13–25, 2014Pomona College—Claremont, California

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For more information, visit www.wcmspomona.org or call 800.472.1702, ext. 6059

For more than half a century, Western CUNA Management School

(WCMS) has helped up-and-coming staff members become highly productive leaders at their credit unions.

The school’s challenging curriculum gives your staff the depth of knowledge and breadth of experience they need to drive your organization to greater success.

WCMS graduates will return with a full understanding of your entire operation—and the motivation and commitment to contribute perhaps even more than you thought they could.

Employees enter.Leaders emerge.

California and Nevada Credit Union LeaguesP.O. Box 51476 | Ontario, CA 91761-0076

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